Amigo Loans

Amigo Loans announces closure after rescue plan failure

24th March 2023 Alternative Consumer Lending | #Amigo Loans

Sub-prime lender Amigo Loans is to be liquidated after months of trying to come up with a rescue plan ended in failure. The company said Amigo said it would stop lending with immediate effect and will be placed into an orderly wind-down, with all surplus assets transferred to the creditors of its compensation scheme. Those owed compensation…

Amigo avoids fine but faces FCA censures over affordability checks

14th February 2023 Alternative Consumer Lending | #Amigo Loans #FCA

The Financial Conduct Authority (FCA) has publicly censured Amigo Loans for failing to conduct adequate affordability checks on borrowers and guarantors. The FCA says it would have imposed a fine of £72.9 million however Amigo demonstrated that this would cause it serious financial hardship. A fine would also have threatened Amigo’s ability to meet its…

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Amigo Loans

Amigo Loans announces closure after rescue plan failure

Amigo avoids fine but faces FCA censures over affordability checks

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